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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: Win-Lose-Draw who wrote (14019)	11/7/2002 12:27:57 AM
From: ajtj99	Respond to of 30712

I don't think it's that unusual in light of the market's recent movement or the close proximity to expiration. Actually, I just looked at open interest on the Nov. 24's, and it doesn't seem too much different from yesterday's. Max Pain is still 24 for November and December on the QQQ.

To: Win-Lose-Draw who wrote (14019)	11/7/2002 12:50:06 AM
From: mishedlo	Read Replies (1) \| Respond to of 30712

is it normal for open interest on heavily traded ITM calls to drop by 25% in two days? it appears that QQQ Nov 24 calls are disappearing by the truckload, about 35k in all I did not notice that but that is bearish IMO. That says the smart $ are cashing out those calls. Nice catch - I do not chart numbers day to day and did not catch it. I see we have some fine students of the game on this thread. The QQQ 24 calls were the smart money. Are 25's and 26's building up or being let out? From a quick glance at the numbers, it appears 25's and 26's are building up. We have a problem however if all the 25's and 26's cash out. That could raise pain another notch but I doubt it at this point. Is this behavior normal? I do not think so,but if it was "walking" like the bears did in June, it would be problematic to bears not bulls. At every step of the may june nassacre bears kept taking profits and bulls kept buying calls reducing max pain every few days. Bears rolled down many times. In this case they appear to be disappearing from a single strike. If the 25's start to go in mass we could have a problem. But at 150K vs 64K I do not see the reverse process and there is not a lot of time left for it to happen. So... It looks like the smart $ is cashing out leaving the rest high and dry. M